The fit is great, the initial design has nothing to do with the cut of the jersey though but more of a marketing decision to set them apart from the pre-edge jerseys. More and more teams are finding their way back to a nice balance though. The Oilers are a great example of a terribly designed jersey right after the Edge was released and then a realization that classic jersey designs look great in this cut as well. I'd like to see the Flames follow suit, ditch the black accent and go full time to the throwback alternate they had for a bit. I'd like to see the Caps do this as well, fully adopt the throwback Winter Classic (vs. Pens) look.
Fit wise the jersey is perfect for the fans, having several CCM's, KOHO's, and even a Nike and all of these have crazy proportions to them (short torso, long sleeves, super wide cut, etc.) The premier jerseys fit like a dream, baggy enough to be a sweater, but form fitting enough to not look like a kid wearing his dads hockey gear.
I think most of the issues with the Edge aren't with the cut of the jersey but the designers aesthetic choices and some of those are the lasting effects from a frankly bizarre time in the late 90's. For whatever reason in the late 90's every hockey team wanted to have either black in their jerseys or super dark colors. (Personally I hated it, it was impossible to tell who was playing at a glance). Eventually teams began to return to the vibrant colors of the 80's and hockey became pleasing to the eyes again, some teams dragged their feat a bit but we're getting back to it.